Car Insurance Blockchain

Abstract

The rapid advancements in the blockchain technology have driven the interest of various sectors, and the insurance sector is no exception, with it being one of the complex sectors with a lot of paperwork, terms and conditions, and a claims process that is not easy for an average man. Blockchain technology makes use of smart contracts for secure verification. Normally, an insurance requires the insured to trust the insurance company in terms of the insurance, but blockchain technology brings in trustless insurance, where the participants trust only the network and not another participant. The various aspects of blockchain can be used to address several long-standing challenges in the insurance sector, such as fraudulent claims, inefficient processes, and lack of trust among stakeholders. This provides for a more transparent and fast insurance process, thereby simplifying the whole insurance process. We propose a public blockchain network with EOS blockchain platform using delegated proof-of-stake consensus mechanisms that demystify the insurance processes and facilitate transparency and reliability. It also encourages the use of developing technologies like IOT and machine learning to increase the efficiency and remove the involvement of third parties.